By July, inflation presented a mixed picture for the global economy.

In the United Kingdom, for example, core inflation hovered at 6.9 percent. In India, official headline inflation jumped from 4.9 percent in June to 7.5 percent in July, spurred mainly by mounting food prices. The US economy showed some resolve, despite a slight increase in the consumer price index (from 3.0 percent in June to 3.2 percent in July) and even though core inflation nudged only slightly downward (from 4.8 to 4.7 percent) during that time. Although consumer spending in the United States had contracted compared with the previous year, consumer confidence reached its highest level since July 2021.

Source: https://www.mckinsey.com/featured-insights/2023-year-in-review/2023-the-year-in-charts?stcr=2E53A9859CAF43978BDE4C587C9D482E&cid=other-eml-alt-mip-mck&hlkid=048c1040c19e431f8691a037068ab31c&hctky=2379611&hdpid=f72653e2-8dc7-4280-965a-5144590ea81c